Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the

contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any

liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this

announcement.

CHINA MOBILE LIMITED中 國 移 動 有 限 公 司

(Incorporated in Hong Kong with limited liability under the Companies Ordinance)

(Stock Code: 941)

2008 ANNOUNCEMENT OF FINAL RESULTS

. Turnover reached RMB412.3 billion, up by 15.5%

. EBITDA of RMB216.5 billion, up by 11.6%

. Profit attributable to shareholders of RMB112.8 billion, up by 29.6%

. Total subscribers exceeded 457 million, up by 23.8%

. Proposed final dividend of HK$1.404 per share, including interim dividend of HK$1.339 pershare paid, total dividend for 2008 amounting to HK$2.743 per share, representing a dividendpayout ratio of 43%

CHAIRMAN’S STATEMENT

Dear Shareholders,

2008 has been an extraordinary year for China. The country’s economy has managed to sustain steadygrowth despite the negative impact of severe natural disasters. However, China is still experiencing theeffects of the global financial crisis. In 2008, the Government announced and implemented the reformand the restructuring of the telecommunications industry. The natural disasters brought challenges toour networks and services, the global financial crisis had an impact on our business and the changingindustry landscape has shown its initial impact on the Group.

However, through a combination of effective management, the efforts of all our employees andleveraging our competitive advantages, China Mobile has recorded a healthy business performance andcontinued to maintain favorable profitability.

In August, the world watched as the Beijing Olympics was held successfully. As the mobiletelecommunications services partner for the Beijing Olympics, China Mobile made outstandingcontributions, both in ensuring uninterrupted communications support and services, during the games.We won praises from industry peers and organizers alike, including the International Olympic

– 1 –

Committee President Jacques Rogge who said, ‘‘China Mobile’s innovative technology brought theworld a hi-tech Olympics.’’ Success in serving the Olympics improved our business and service levelsand greatly enhanced China Mobile’s brand value.

Financial Results

In 2008, the Group’s operating revenue continued its steady growth, reaching RMB412,343 million, up15.5 per cent. year-on-year. Profitability remained favorable. Due partly to the positive impact ofchange in PRC enterprise income tax rate, profit attributable to shareholders reached RMB112,793million – rose 29.6 per cent. year-on-year. Margin of profit attributable to shareholders reached arelatively high level of 27.4 per cent.. EBITDA reached RMB216,487 million, up 11.6 per cent., with amargin of 52.5 per cent.. Basic earnings per share reached RMB5.63, up 29.4 per cent. year-on-year.

The Group consistently persists prudent financial principles and strict fund management system. Nolosses were incurred by the Group amid the global financial crisis. The solid capital structure andfinancial strength continue to provide a solid foundation for the Group’s future development.

Business Developments

While 2008 undoubtedly brought significant challenges, it also saw the Group attain achievements inmany areas. Business development efforts brought in good prospects and favorable operating results.

The Group enjoyed continued growth in its subscriber base, value-added business and voice usagevolume, which in turn became the driving force for operating revenue growth. The net increase in newsubscribers per month was over 7.3 million, taking total subscriber number to 457 million. Our value-added business grew strongly, continuing to increase its contribution to total revenue. The gradualchanges to the tariff structure drove the increase in voice usage volume, which contributed to thesteady growth of our operating revenue. As at 31 December 2008, the Group’s total voice usage volumewas 2,441.31 billion minutes and the average minutes of usage per user per month (MOU) was 492minutes. Average revenue per user per month (ARPU) was RMB83.

In 2008, rural market development remained a focus for the Group. We followed a ‘‘lower ARPU,lower MOU, lower cost’’ strategy, pushed further into the rural market by implementing standardintegrated marketing programs, increasing resource utilization, lowering our operating costs and thesubscription threshold. We also leveraged our competitive advantages in terms of scale of operation,branding, sales channel and network.

By upgrading and optimizing the rural information platform, we expanded the business content of the‘‘Agricultural Information Service’’ in alignment with the national policy of aiding the economicdevelopment and informatization of rural areas. Leveraging our competitive advantages, we haveconsolidated our leading position in the rural market. During the year the rural market continued tocontribute significantly to the Group’s subscriber base and revenue growth.

– 2 –

Our value-added business enjoyed rapid growth, its revenue increased 23.8 per cent. year-on-year, andaccounted for 27.5 per cent. of the Group’s total operating revenue. SMS, Color Ring, MMS and WAPsustained robust growth. The number of subscribers of Wireless Music, Fetion and Mobile Papercontinued to increase and have become a new engine for sustained revenue growth. The Group intendsto follow its strategic product plan and continue to enhance product optimization and development,such as mobile video, mobile gaming and mobile e-business products, to ensure a steady stream of newofferings.

The Group also started to develop Mobile Market, a mobile platform on which we will work with ourpartners, including various applications providers, to offer a wide variety of applications to enhance ourvalue-added business services and customer experience.

As the deployment and improvements to the TD-SCDMA network continue, China Mobile will workhard to develop and promote TD-SCDMA based wireless broadband business.

The Group also explored the corporate customer market. In 2008, further consolidating its ‘‘MobileInformation Expert’’ position, the Group widely promoted corporate informatization and industry-specific applications based on mobile terminals. We actively offered industry specific applicationsolutions to expand the informatization application coverage of major sectors including government,agriculture, education and finance. This, coupled with a focus on service quality, fulfillment ofcustomer requirements, as well as enhancing customer relationships, has led to an increase in corporatecustomer number, including a progress in multi-provincial and multi-national corporate customers. Asof 31 December 2008, the Group’s corporate customer base reached 2.33 million accounts, providing asolid foundation for exploiting the full-service market in the future.

China Mobile is the world’s No. 1 mobile telecommunications operator in terms of subscriber base andenjoys a robust leadership in the 2G market. The existing scale of operations and competitiveadvantages provide a solid foundation for future development. In 2008, our network capability wascontinuously enhanced, with a total of 390,000 base stations and a population coverage rate of 98 percent.. Our network management capability was further improved in 2008 and this has contributed tomaintaining a world class network with wireless connection rate remaining at 99.2 per cent.. Ourinternational roaming services have continued to expand. As of 31 December 2008, we offered GSMroaming services through 381 operators in 237 countries and regions and GPRS roaming services in179 countries and regions around the world.

Corporate Social Responsibility

In 2008, we continued to practise our core value of ‘‘Responsibility Makes Perfection’’ and meet oursocial responsibility commitments. We continued to carry out our five corporate social responsibilityprograms. When natural disasters happened, we reacted with outstanding emergency communicationssupport and services in the areas affected by severe snow storms, earthquakes and floods, helping withdisaster relief and winning praise from the society. At the same time, the Group’s employeesgenerously donated money and goods to the people in the affected areas.

– 3 –

The Group’s Green Program achieved significant progress. We have reduced power consumption pertelecommunication traffic unit by 11 per cent. year-on-year, contributing to the efforts to respond to theglobal climate change.

In addition, China Mobile became the first and the only mainland company listed on the Dow JonesSustainability Indexes, a strong recognition by the global community of our corporate socialresponsibility performance. Details of the Company’s corporate social responsibility efforts can befound in our ‘‘Corporate Social Responsibility Report’’.

Company Management

In 2008, we have made further improvement on our ‘‘One China Mobile’’ project. This is designed tostrengthen the management of our subsidiaries, improve overall management efficiency and executionability through computerization and a standardized, centralized management system.

We have also enhanced corporate governance by improving internal controls and risk managementsystems. These augmented and standardized systems ensure that the Company’s internal control policiesare more effective.

At the same time, the Group increased investment in research and development to enhance ourinnovation ability.

As in recent years, our achievements in 2008 continued to be widely recognized. The Company’sranking in the Financial Times’ ‘‘FT Global 500’’ jumped from 16th place last year to 5th place thisyear. Our ranking in Forbes magazine’s ‘‘Global 2000’’ list also rose from 89th to 78th place. Wemade the BusinessWeek global ‘‘Info Tech 100’’ companies list for the seventh year in a row, rising to7th from 10th place last year. The China Mobile brand was also included in the Millward Brown andFinancial Times’ ‘‘BRANDZTM Top 100 Most Powerful Brands’’ for the third consecutive year andcurrently ranks 5th. In 2008, following the upgrading of China’s sovereign rating, Standard & Poor’supgraded our credit rating to A+/Outlook Stable, the same level as the sovereign rating. Moody’sInvestor Services continued to rate the Company A1/Outlook Stable, equivalent to China’s sovereignrating.

Dividends

China Mobile determines and commits to hold in the highest regard the interests of its shareholders andthe returns achieved for them, especially the minority shareholders. In the view of the Company’sfavorable operating results of 2008 and having taken into consideration its long-term futuredevelopment, the Board recommends payment of a final dividend of HK$1.404 per share for thefinancial year ended 31 December 2008 in accordance with the dividend payout planned for the fullyear of 2008. This, together with the interim dividend of HK$1.339 per share that were paid in 2008,amounts to an aggregate dividend payment of HK$2.743 per share for the full financial year of 2008.Dividend payout ratio for the year 2008 was 43 per cent..

– 4 –

In 2009, having taken into consideration various relevant factors such as the Company’s overallfinancial condition, cash flow generating capability and sustainable future development, the Companyplans the dividend payout ratio for the full year of 2009 to be 43 per cent..

The Board is of the view that the Company’s favorable operating results and strong cash flowgenerating capability will continue to support the sustainable future development of the Company,while providing shareholders with a favorable cash return. The Company will endeavor to achieve alonger term sustainable, steadily increasing dividend, with a view to creating value for its shareholders.

Appointment of Director

On 19 December 2008, Mr. Paul Michael Donovan resigned from his position as a Non-ExecutiveDirector. The Board takes this opportunity to acknowledge the contributions of Mr. Paul MichaelDonovan to the Company with the highest regard and deepest gratitude. After review and approval bythe Board and the Nomination Committee, Mr. Nicholas Jonathan Read has been appointed as a Non-Executive Director with effect from 19 March 2009. On behalf of the Company and the Board, Iwelcome Mr. Nicholas Jonathan Read on joining us.

Restructuring of the Telecommunications Industry and 3G License

On 24 May 2008, the Ministry of Industry and Information Technology, the National Development andReform Commission, and the Ministry of Finance jointly issued an Announcement on Deepening theReform of the Structure of the Telecommunications Sector in Mainland China to actively promoteinnovation in homegrown telecommunications technology and restructure the telecommunicationsindustry. On 7 January 2009 the Ministry of Industry and Information Technology issued three thirdgeneration mobile technology (3G) licenses to the three restructured telecommunications operators.

China Mobile received the TD-SCDMA 3G license. As an international standard for 3G, TD-SCDMAis an important milestone of China’s homegrown technological development and the State has clearlystated that it will strongly support the TD-SCDMA industry. Shortly after issuing the 3G licenses, theGovernment announced 15 associated policies to promote TD-SCDMA development. Theimplementation of these policies will help the growth of the Group and the TD-SCDMA industry.However, bringing the TD-SCDMA industry to full maturity will require joint efforts of China Mobileand other industry players. This has brought new challenges to our business development. TheCompany made progress in developing the 3G market by signing a Network Capacity LeasingAgreement on TD-SCDMA network capacity with our parent company. We believe the Chinesetelecommunications market still has considerable potential and offers tremendous opportunities fortelecommunications operators.

– 5 –

Looking to the Future

The influence of financial crisis that swept across the globe in 2008 will likely widen and deepen, andits impact on China’s economy will continue. The telecommunications industry will be affected. TheChinese Government has launched a series of policies to stimulate domestic demand, adjust thestructure of the economy and improve the quality of life of citizens as it strives for achieving thetargeted economic growth. We believe these Government policies will have positive impact on thedemand for telecommunications and information services, while the active promotion of homegrowninnovation will help the Group’s development.

We also face new challenges. The increasing penetration rate of mobile telecommunications, therestructuring of the telecommunications industry and the issuing of 3G licenses will change the industrystructure and competitive landscape.

To meet these challenges and associated opportunities, we intend to leverage our strong foundation andoverall competitiveness, as well as to maintain our existing leading position in the 2G mobiletelecommunications market, and to sustain our business development and financial growth.

Seizing opportunities and adapting rapidly to changes in the operational and competitive environment,by making reference to the experience of other global telecommunications operators, we intend to adoptan innovative approach towards integrating our networks and fully utilizing our 2G network resources,for the realization of the smooth transition from the 2G to the 3G network.

Through innovative marketing strategies our 2G subscribers will be able to enjoy a smooth upgrade to3G services without needing to change their SIM card, mobile number or re-registration. We will offerwireless broadband services through a variety of mobile terminals to individuals, families and corporatecustomers. Using wireless broadband as an entry point, we will tap into the 3G market.

In addition the Group will leverage its influence and market leading position to proactively push thedevelopment and maturity of the TD-SCDMA industry. We will also proactively research and promotethe evolution of LTE network. At the same time the Company will actively search for quality overseastelecommunications assets as investment opportunities and as a way to explore internationaldevelopment. Our goal is clear, we will unswervingly continue our efforts to create value for ourshareholders.

Wang JianzhouChairman and Chief Executive Officer

Hong Kong, 19 March 2009

– 6 –

GROUP RESULTS

China Mobile Limited (the ‘‘Company’’) is pleased to announce the audited consolidated results of theCompany and its subsidiaries (the ‘‘Group’’) for the year ended 31 December 2008.

CONSOLIDATED INCOME STATEMENT(Expressed in Renminbi)

Year ended 31 December2008 2007

Note RMB million RMB millionOperating revenue (Turnover) 4

Usage fees 260,889 226,488Monthly fees 18,096 20,856Value-added services fees 113,444 91,609Other operating revenue 19,914 18,006

412,343 356,959- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Operating expenses

Leased lines 2,641 2,330Interconnection 22,264 21,500Depreciation 71,509 67,354Personnel 19,960 18,277Other operating expenses 5 153,354 123,430

269,728 232,891- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Profit from operations 142,615 124,068

Other net income 2,159 2,323Non-operating net income 517 657Interest income 6,002 4,015Finance costs (1,550) (1,825)

Profit before taxation 149,743 129,238Taxation 6 (36,789) (42,059)

Profit for the year 112,954 87,179

Attributable to:Equity shareholders of the Company 112,793 87,062Minority interests 161 117

Profit for the year 112,954 87,179

Dividends paid/payable to equity shareholders of the Companyattributable to the year:Ordinary interim dividend declared and paid during the year 7 23,532 16,178Special interim dividend declared and paid during the year 7 – 1,643Ordinary final dividend proposed after the balance sheet date 7 24,832 21,762Special final dividend proposed after the balance sheet date 7 – 300

48,364 39,883

Earnings per share – Basic 8(a) RMB5.63 RMB4.35

Earnings per share – Diluted 8(b) RMB5.54 RMB4.28

Dividend per share – Interim– Ordinary 7 HK$1.339 HK$0.837

– Special 7 – HK$0.085

Dividend per share – Final– Ordinary 7 HK$1.404 HK$1.160

– Special 7 – HK$0.016

RMB million RMB millionEBITDA 216,487 194,003

– 7 –

CONSOLIDATED BALANCE SHEET(Expressed in Renminbi)

As at 31 December2008 2007

Note RMB million RMB million

Non-current assetsProperty, plant and equipment, net 327,783 257,170Construction in progress 35,482 47,420Land lease prepayments 10,102 8,383Goodwill 36,894 36,894Other intangible assets 298 469Interest in associates – –

Interest in jointly controlled entity 7 –

Deferred tax assets 6,884 5,445Other financial assets 77 77

417,527 355,858- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Current assetsInventories 3,494 3,295Accounts receivable, net 9 6,913 6,985Other receivables 3,715 2,929Prepayments and other current assets 7,641 5,680Amount due from ultimate holding company 109 78Tax recoverable 39 124Deposits with banks 130,833 109,685Cash and cash equivalents 87,426 78,859

240,170 207,635- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Current liabilitiesAccounts payable 10 79,606 63,927Bills payable 2,111 1,853Deferred revenue 26,089 23,762Accrued expenses and other payables 61,292 50,860Amount due to ultimate holding company 6 26Amount due to immediate holding company 118 196Obligations under finance leases 68 68Current taxation 11,283 14,261

180,573 154,953- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net current assets 59,597 52,682- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total assets less current liabilities 477,124 408,540- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Non-current liabilitiesInterest-bearing borrowings (33,553) (33,582)Deferred revenue, excluding current portion (584) (597)Deferred tax liabilities (80) (122)

(34,217) (34,301)- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

NET ASSETS 442,907 374,239

CAPITAL AND RESERVESShare capital 2,138 2,136Reserves 440,140 371,615

Total equity attributable to equity shareholders of the Company 442,278 373,751

Minority interests 629 488

TOTAL EQUITY 442,907 374,239

– 8 –

Notes:

1. Basis of preparation

The Group’s financial statements have been prepared in accordance with all applicable International Financial

Reporting Standards (‘‘IFRSs’’) issued by the International Accounting Standards Board (‘‘IASB’’), which collective

term includes all applicable individual International Financial Reporting Standards, International Accounting Standards

and Interpretations issued by the IASB. Hong Kong Financial Reporting Standards (‘‘HKFRSs’’), which collective

term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards

and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (‘‘HKICPA’’) and accounting

principles generally accepted in Hong Kong, are consistent with IFRSs, the Group’s financial statements also comply

with HKFRSs and the requirements of the Hong Kong Companies Ordinance. The Group’s financial statements also

comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited.

The Group’s audited consolidated results for the year ended 31 December 2007 and 2008 include the financial results

of the Company, the mobile telecommunications subsidiaries in each of the thirty-one provinces, autonomous regions

and municipalities in Mainland China, China Mobile Hong Kong Company Limited (formerly known as ‘‘China

Mobile Peoples Telephone Company Limited’’) in Hong Kong and other major subsidiaries including China Mobile

Communication Company Limited, China Mobile Holding Company Limited and its subsidiaries, Aspire Holdings

Limited and its subsidiaries, China Mobile Group Design Institute Company Limited, Advanced Roaming & Clearing

House Limited and Fit Best Limited for the full year ended 31 December 2007 and 2008.

2. Changes in accounting policies

The IASB has issued a number of new Interpretations and an amendment to IFRSs that are first effective for the

current accounting period commencing 1 January 2008 or available for early adoption. The equivalent new and revised

HKFRSs and Interpretations consequently issued by HKICPA have the same effective date as those issued by the

IASB and are in all material respects identical to the pronouncements issued by the IASB. There have been no other

material changes to HKFRSs.

These developments have had no material impact on the Group’s financial statements as either they were consistent

with accounting policies already adopted by the Group or they were not relevant to the Group’s and the Company’s

operations.

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting

period.

3. Segment reporting

No analysis of the Group’s turnover and contribution to profit from operations by geographical segment or business

segment has been presented as the majority of the Group’s operating activities are carried out in Mainland China and

less than 10 per cent. of the Group’s turnover and contribution to profit from operations were derived from activities

outside Mainland China or outside the Group’s mobile telecommunications and related services activities. There is no

other geographical or business segment with segment assets equal to or greater than 10 per cent. of the Group’s total

assets.

– 9 –

4. Turnover

Turnover represents usage fees, monthly fees, value-added services fees and other operating revenue derived from theGroup’s mobile telecommunications networks, net of PRC business tax. Business tax is charged at approximately 3 percent. of the corresponding revenue generated from the service rendered in the Mainland China. No business tax ischarged on the revenue generated from the Group’s mobile telecommunications and related services in Hong Kong.

Value-added services fees are mainly derived from voice value-added services, short message services (‘‘SMS’’) andnon-SMS data services.

Other operating revenue mainly represents interconnection revenue.

5. Other operating expenses

2008 2007RMB million RMB million

Selling and promotion 66,886 55,995Maintenance 25,761 18,106Impairment loss for doubtful accounts 4,385 3,872Impairment loss of inventories 6 4Amortization of other intangible assets 204 258Operating lease charges 8,314 6,820Gain on disposal of property, plant and equipment (8) (11)Write-off of property, plant and equipment 3,250 2,788Auditors’ remuneration 79 83Others (Note) 44,477 35,515

153,354 123,430

Note: Others consist of office expense, utilities charges, travelling expenses, entertainment expenses, spectrumcharges and number resources fees, consultant and professional fees, consumables and supplies, labor servicesexpenses and other miscellaneous expenses.

6. Taxation

Taxation in the consolidated income statement represents:

2008 2007RMB million RMB million

Current taxProvision for Hong Kong profits tax on the estimated assessable

profits for the year 74 72Provision for PRC enterprise income tax on the estimated taxable

profits for the year 38,216 40,473Over-provision in respect of PRC enterprise income tax for prior years (24) (91)

38,266 40,454Deferred taxOrigination and reversal of temporary differences (1,477) 1,605

36,789 42,059

– 10 –

6. Taxation (Continued)

(i) In February 2008, the Hong Kong Government announced a decrease in the profits tax rate from 17.5 per cent.

to 16.5 per cent. applicable to the Group’s operations in Hong Kong as from the year ended 31 December 2008.

Accordingly, the provision for Hong Kong profits tax for 2008 is calculated at 16.5 per cent. (2007: 17.5 per

cent.) of the estimated assessable profits for the year.

(ii) The provision for the PRC enterprise income tax is based on a statutory rate of 25 per cent. (2007: 33 per cent.)

of the taxable profits determined in accordance with the relevant income tax rules and regulations of the PRC for

the year ended 31 December 2008, except for certain subsidiaries of the Company or certain operations of the

subsidiaries located within special economic zones in the PRC, which were previously taxed at preferential rate

of 15 per cent. in 2007, for which the applicable preferential tax rate is 18 per cent. for 2008 and will be

increased to 20 per cent., 22 per cent., 24 per cent. and 25 per cent. for the years ending 31 December 2009,

2010, 2011 and 2012, respectively. Accordingly, the deferred tax of the Group is recognized based on the tax

rates that are expected to apply to the period when the asset is realized or the liability is settled.

7. Dividends

Dividends attributable to the year:

2008 2007

RMB million RMB million

Ordinary interim dividend declared and paid of HK$1.339

(equivalent to approximately RMB1.177) (2007: HK$0.837

(equivalent to approximately RMB0.816)) per share 23,532 16,178

No special interim dividend declared (2007: HK$0.085

(equivalent to approximately RMB0.083) per share) – 1,643

Ordinary final dividend proposed after the balance sheet date of HK$1.404

(equivalent to approximately RMB1.238) (2007: HK$1.160

(equivalent to approximately RMB1.086)) per share 24,832 21,762

No special final dividend proposed after the balance sheet date

(2007: HK$0.016 (equivalent to approximately RMB0.015) per share) – 300

48,364 39,883

The proposed ordinary final dividend which is declared in Hong Kong dollar is translated into RMB at the rate

HK$1 = RMB0.88189, being the rate announced by the State Administration of Foreign Exchange in the PRC on

31 December 2008. As the ordinary final dividend is declared after the balance sheet date, such dividend is not

recognized as liability as at 31 December 2008.

– 11 –

8. Earnings per share

(a) Basic earnings per share

The calculation of basic earnings per share for the year is based on the profit attributable to equity shareholders

of the Company of RMB112,793,000,000 (2007: RMB87,062,000,000) and the weighted average number of

20,043,933,958 shares (2007: 20,005,123,269 shares) in issue during the year, calculated as follows:

Weighted average number of shares

2008 2007

Numberof shares

Number

of shares

Issued shares as at 1 January 20,031,905,590 19,967,815,140

Effect of share options exercised 12,028,368 37,308,129

Weighted average number of shares as at 31 December 20,043,933,958 20,005,123,269

(b) Diluted earnings per share

The calculation of diluted earnings per share for the year is based on the profit attributable to equity shareholders

of the Company of RMB112,793,000,000 (2007: RMB87,062,000,000) and the weighted average number of

shares 20,356,125,657 (2007: 20,339,428,112 shares), calculated as follows:

Weighted average number of shares (diluted)

2008 2007

Number

of shares

Number

of shares

Weighted average number of shares as at 31 December 20,043,933,958 20,005,123,269

Effect of deemed issue of shares under the Company’s share option

scheme for nil consideration 312,191,699 334,304,843

Weighted average number of shares (diluted) as at 31 December 20,356,125,657 20,339,428,112

– 12 –

9. Accounts receivable, net

Aging analysis of accounts receivable, net of impairment loss for doubtful accounts, is as follows:

2008 2007

RMB million RMB million

Within 30 days 4,713 4,986

31–60 days 1,212 1,058

61–90 days 769 713

Over 90 days 219 228

6,913 6,985

Accounts receivable primarily comprise receivables from subscribers. Accounts receivable from subscribers are due for

payment within one month from date of billing. Subscribers with balances that are overdue or exceed credit limits are

required to settle all outstanding balances before any further phone calls can be made.

Accounts receivable are expected to be recovered within one year.

10. Accounts payable

Accounts payable primarily include payables for network expansion projects expenditure, maintenance and

interconnection expenses.

The aging analysis of accounts payable as at 31 December is as follows:

2008 2007

RMB million RMB million

Amounts payables in the next:

1 month or on demand 57,483 45,119

2–3 months 5,566 6,048

4–6 months 7,098 5,165

7–9 months 5,134 3,091

10–12 months 4,325 4,504

79,606 63,927

All of the accounts payable are expected to be settled within one year or are repayable on demand.

– 13 –

AUDIT COMMITTEE

The Audit Committee reviewed with management the accounting principles and practices adopted bythe Group and discussed auditing, internal control and financial reporting matters including the reviewof the audited financial statements for the year ended 31 December 2008.

COMPLIANCE WITH THE CODE PROVISIONS OF THE CODE ON CORPORATEGOVERNANCE PRACTICES

Throughout the year ended 31 December 2008, other than the roles of the Chairman and the ChiefExecutive Officer being performed by Mr. Wang Jianzhou, the Company has complied with all thecode provisions of the Code on Corporate Governance Practices as set out in Appendix 14 to the RulesGoverning the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Mr. Wang Jianzhou joined the Board of Directors of the Company in November 2004 and since thenhas been the Chairman and the Chief Executive Officer of the Company in charge of the overallmanagement of the Company.

The Company considers that the combination of the roles of the Chairman and the Chief ExecutiveOfficer can promote the efficient formulation and implementation of the Company’s strategies whichwill enable the Group to grasp business opportunities efficiently and promptly. The Company considersthat through the supervision of its Board and its Independent Non-Executive Directors, a balancingmechanism exists so that the interests of the shareholders are adequately and fairly represented.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

The Company and its subsidiaries did not purchase, sell or redeem any of the listed securities of theCompany during the year.

CLOSURE OF REGISTER OF MEMBERS

The register of members of the Company will be closed from 15 May 2009 to 19 May 2009 (both daysinclusive), during which period no transfer of shares in the Company will be effected. In order toqualify for the proposed 2008 final dividend, all transfers, accompanied by the relevant sharecertificates, must be lodged with the Company’s share registrar, Hong Kong Registrars Limited, Shops1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong, not laterthan 4:30 p.m. on 14 May 2009.

PUBLICATION OF ANNUAL REPORT ON THE INTERNET WEBSITE OF THE STOCKEXCHANGE OF HONG KONG LIMITED

The 2008 annual report will be published on the HKExnews website of The Stock Exchange of HongKong Limited at http://www.hkexnews.hk in due course.

– 14 –

The consolidated financial information set out above does not constitute the Company’s statutoryfinancial statements for the year ended 31 December 2007 or 2008 but is derived from those financialstatements. Statutory financial statements for the year ended 31 December 2008, which contain anunqualified auditor’s report, will be delivered to the Registrar of Companies, and despatched toshareholders as well as made available on the Company’s website at http://www.chinamobileltd.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this announcement may be viewed as ‘‘forward-looking statements’’within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E ofthe U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involveknown and unknown risks, uncertainties and other factors, which may cause the actual performance,financial condition or results of operations of the Company to be materially different from any futureperformance, financial condition or results of operations implied by such forward-looking statements.Further information regarding these risks, uncertainties and other factors is included in the Company’smost recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the‘‘SEC’’) and in the Company’s other filings with the SEC.

As at the date of this announcement, the Board of Directors of the Company comprises Mr. Wang Jianzhou, Mr. Zhang

Chunjiang, Mr. Li Yue, Mr. Lu Xiangdong, Mr. Xue Taohai, Madam Huang Wenlin, Mr. Sha Yuejia, Mr. Liu Aili, Madam

Xin Fanfei and Mr. Xu Long as executive directors, Dr. Lo Ka Shui, Mr. Frank Wong Kwong Shing and Dr. Moses Cheng

Mo Chi as independent non-executive directors and Mr. Nicholas Jonathan Read as a non-executive director.

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